USDJPY Forecast:

The USDJPY attempted to push lower on Friday, bottomed at 93.42 but further bearish scenario was rejected as the pair whipsawed to the upside, hit the top at 94.71 and closed at 94.37. On h4 chart below we can see that the bearish channel has been violated to the upside indicating bearish failure and potential bullish outlook. The bias is bullish in nearest term targeting 95.05 and 96.60 area. Immediate support is seen at 94.22.